Bitcoin has gone to the bears. Saylor’s strategy is still leaning forward.

Bitcoin has gone to the bears. There is at least one bull hanging around.

The world’s most popular and most valuable cryptocurrency recently traded for less than $92,000 apiece, and recent prices represent a decline of more than 25% from the record highs of over $126,000 seen last month. This causes the currency to fall in what is sometimes called a bear market, or a decline of at least 20% from a recent high.

What was supposed to be a great year for cryptocurrencies, and their largest coin by market cap is looking like a bust. Between a more crypto-friendly boss in the White House, a less enforcement-minded boss at the Securities and Exchange Commission, and stablecoin legislation being signed into law, all the pieces were in place to push prices to the moon, as the saying goes, bullish.

But things went the other way. In October, the cryptocurrency industry suffered its largest liquidation event in history, with more than $19 billion wiped out of leveraged positions, beginning a slide that has pushed Bitcoin into the red for the year.

Last week, investors were looking to strategy (MSTR) and evangelist Michael Saylor for an indication of where things are headed. Saylor was characteristically optimistic, as always, and promised good news. The company delivered, revealing on Monday that it purchased an additional 8,178 bitcoins at an average price of $102,171, or just over $835 million, between November 10 and November 16.

This brings its total stock to 649,870 coins, valued at just under $60 billion at current prices. The purchases were financed using proceeds from its preferred stock offerings.

However, individuals hold the largest slice of the Bitcoin ownership pie, at about two-thirds. Their positions collectively have a greater influence than funds and ETFs, which hold about 8%, and companies, the category to which the strategy belongs, at 6%.